Following bailout of Freddie Mac and Fannie Mae, the Fed plans to stave off bankruptcy of AIG, by providing $85bn in funding in exchange for 80% stake in the insurer. US is following Venezuela in nationalising financial institutions.
AIG owns 50% of City Airport, located in Royal Docks, East London, less than 3 miles from Canary Wharf . AIG bought the airport from Irish financier Dermot Desmond in October 2006. It sold its stake to GIP (an infrastructure fund founded by Credit Suisse and General Electric), in Sept 2008.
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